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Axis Securities Report
Our SoTP valuation and target price are unchanged from our NCL India Ltd.'s Q2 FY25 results note. We value the conventional thermal business at 1.3 times on our consolidated regulated equity projections for FY33, discounted to FY26. The regulated mining business is valued at 1.9 times FY26 regulated equity, and the renewable energy business is valued at an enterprise value/Ebitda multiple of 9.0 times on FY26 Ebitda.
The merchant coal business is valued at 7.0 times EV/Ebitda on FY26 Ebitda. This results in a sum-of-the-parts target price of Rs 305/share. Our target price implies an upside of 19% from the current market price.
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